Expired Listings

Expired Listings

Admittedly, expired listings haven't been a significant focus in my recent market analyses. With the ongoing seller's market, where demand surpasses available homes, they haven't been a focal point. However, given ever-fluctuating indicators like the Fed's interest rate policies and increase in listings, coupled with insights from the WRA reports, I find myself curious about their significance in our present climate.


Expired listings can provide valuable information about the competitiveness of the market and the pricing strategies of sellers. Analyzing expired listings can help buyers, sellers, agents and investors better understand pricing trends, demand-supply dynamics, and the overall market sentiment. This information can inform assumptions about future rental income, property appreciation rates, or resale values.


If there are expired listings in a hot real estate market, it could indicate several underlying factors that may warrant further investigation:?


·???????? Overpricing - Despite the market's hot status, properties may still fail to sell if they are overpriced. Sellers might be setting unrealistic expectations based on the market hype, leading to expired listings as buyers balk at inflated prices.

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·???????? Market Saturation - Even in a hot market, saturation can occur, especially in specific neighborhoods or property types. Expired listings may suggest an oversupply of similar properties, resulting in increased competition and longer marketing times.

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·???????? Property Condition - Expired listings could also stem from issues related to the condition of the property. In a competitive market, buyers may have higher standards, and properties that require significant repairs or updates may struggle to attract offers.

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·???????? Marketing Strategies - Despite the high demand, ineffective marketing strategies can still result in expired listings. Properties may fail to stand out amidst the competition if they are not adequately promoted or showcased to potential buyers.

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·???????? Buyer Preferences - Expired listings may reflect a mismatch between seller expectations and buyer preferences. Even in a hot market, properties that do not align with the needs or desires of the target demographic may struggle to garner interest.

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·???????? Financing Challenges - In some cases, expired listings may be attributed to challenges related to buyer financing. While the market may be hot, buyers may encounter difficulties securing loans or financing, leading to failed transactions.

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·???????? External Factors - External factors such as economic uncertainty, changes in lending regulations, or geopolitical events can also impact buyer confidence and contribute to expired listings, even in a hot market.


Overall, the presence of expired listings in a hot market serves as a reminder that real estate transactions are multifaceted and influenced by various factors beyond market conditions alone. Sellers, agents, and buyers alike should carefully evaluate the reasons behind expired listings to make informed decisions and navigate the complexities of the real estate market effectively.


Looking at the single-family market for Waukesha County

In the past 12 months, there were 610 expired listings in Waukesha County. This contrasts with 678 between May 2022 and 2023, and 541 between 2021 and 2022. Interestingly, if we break down the past 12 months by quarter, we see fluctuations: 99 expired listings in the past 90 days, 178 between November 2023 and February 2024, 194 between August 2023 and November 2023, and 145 between May 2023 and August 2023. It seems that expired listings over the past year have been influenced by both seasonal trends and an increase in interest rates, particularly in October/November 2023, when rates were the highest seen in the past 20 years and January of this year.


Out of the 610 expired listings in Waukesha County in the past 12 months, 87 (14.26%) were withdrawn. Currently, out of the 560 active listings in the county, 301 (53.75%) are labeled as under contract. Additionally, 67 out of the 560 listings (approximately 12% of present listings) were relisted following expiration. The average price difference between the current and original asking price is minimal at a 2.08% reduction. Interestingly, the average current asking price for properties relisted after expiration is $876,935, significantly higher than the average list price for all homes in the county, which stands at $701,948.

Reviewing present listings for the County

Oconomowoc Lake - has the highest average list price at approximately $2.65 million, with property prices ranging from $1.65 million to $3.995 million. The overall average list price across all municipalities is approximately $701,948.

Lac La Belle - shows uniform pricing at $2.1 million, matching the average and median. This municipality also reflects the overall average.

Delafield - features an average list price of about $1.18 million, with properties available from $424,000 to $3.5 million.

Summit and Merton - have similar high average prices of $1.18 million and $1.15 million respectively, with the highest price in Merton reaching $5.5 million.

Elm Grove - has an average list price of $1.13 million, with a range from $450,000 to $2.65 million.

Eagle and Genesee - present averages of about $1.00 million and $908,662, respectively, showing a premium market segment.

Hartland, Oconomowoc, and North Prairie show substantial activity with averages ranging from approximately $715,000 to $849,107.

Lower mid-range municipalities like Muskego, Big Bend, and Ottawa feature average prices from about $639,900 to $684,445.

Brookfield, Dousman, and Sussex show moderate average prices with a good range of property values.

More affordable areas like New Berlin, Menomonee Falls, Vernon, Mukwonago, and Waukesha have average prices under $600,000.

Butler and Lannon are the most affordable with average asking prices around $300,000.


This analysis provides a clear understanding of the real estate market conditions across various municipalities, showcasing the diversity in property values and aiding in the effective assessment of market dynamics. It's important to note that this information specifically focuses on single-family (non-condominium) housing.


Currently, there are 198 condominium-style listings, with 40% of them having offers. The median asking price for condominiums in Waukesha County is $499.9K. In contrast, there are only 9 two-family listings in the entire county, with 5 of them being on the market for less than 3 days. Additionally, there are 3 listings for properties with 4 or more units. Pointing to short supply for income producing properties.


If you are an agent, loan officer or homeowner with questions on the appraisal process, please feel free to contact the offices of Asap Appraisals, LLC at 262-442-2323, email us at [email protected] or visit our website at wiasapappraisals.com.


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